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The capital of luxury houses

19 February, Il Tempo

Rome is one of the main markets when talking about luxury houses. To the point that, according to the latest report by Scenari Immobiliari in collaboration with Casa.it, the city doesn’t suffer from the competition of other big cities such as London, Paris, New York or Milan. In fact, over the last 25 years, prime properties in the capital have increased their value of nearly four times more. Rome is first, London is second, followed by Milan and Paris, and New York is last. Considering the last five years, the property values in Rome have increased by 22%, more than Paris and New York (nearly 20%), while Milan has registered an increase of about 14.3% in 2018.

Looking at the other segments, the survey shows how the property market has finally exited from the stagnation that characterised the last few years, thus it has fully recovered, even though in the suburbs the supply exceeds the demand. Transactions are estimated to be 38,600 in 2018, with an increase of 13.5% compared to the previous year. Remarkable results. The offer amounts to 45 thousand properties including renovated houses and newly-built ones. Turnover has reported good results, it has been growing since 2014 reaching 12 billion in 2017 and it’s estimated to go up to 13.4 billion in 2018.

Can we say then that Rome is finally out of the crisis? Not exactly. While the city benefits more from the positive price trends compared to other province capitals, the average performance of the city is still negative, approaching almost 0 in 2017 due to the consistent contraction of prices in the suburbs. Suburbs are the only exceptions since prices in the rest of the city are going up. As a result, the centre has reported 1.1% more from 2016 and the semi-central area 0.7% more.

“In Rome, the real estate crisis didn’t impact the luxury houses located in prime locations, for which the demand has always been strong thanks to national and international investors – explains Mario Breglia, president of Scenari Immobiliari – Prices for luxury houses already start high and quality is present in all the aspects: location, dimensions, finishing, interior design, modern systems..”. Better than Rome, there is only Milan.

Source: Il Tempo

Translator: Cristina Ambrosi

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